Index Archive

01 October 2015

Black Money Government collects Rs 3,770 crore only who fearsBlack Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the Act) has been enacted to deal with the menace of black money stashed abroad.

"The Act also provided for a compliance window for a limited period to persons who have undisclosed foreign assets which they had not disclosed for the purposes of Income-tax so far

The compliance window opened on July 1, 2015 and was till September 30, 2015.

In a statement Finance Ministry said that "638 number of declarations have been received under the compliance window declaring undisclosed foreign assets amounting to Rs 3770 crore. These figures are subject to final reconciliation,"

Thus government collected only Rs. 3770 Crore.

This clearly shows that majority Indians who got the black money, do not fear the income tax department of India or any other investigative agency.

Do you think the people who got the black money already paid the bribes to corrupt government officials, thus they did not declare their black money hidden in India or abroad.

Now it is going to be a big challenge for BJP Government to find and book the Indian citizens who are hiding their black money in India or abroad

To send them jail

Can you guess how many Indians will go to jail under this new black money law.

For me not a single Indian will go to Jail under this new black money law.

Updated on Friday, October 2, 2015

Finance Ministry today said that those who have not taken
advantage of the compliance window to declare their unaccounted overseas assets
and come clean will "regret."

"Black money compliance window: Those who did not
declare have underestimated the power of information exchange. Will
regret," tweeted Economic Affairs Secretary Shaktikanta Das.

Now let us see How many Indians will regret in coming
months or years.

Reality views by sm –

Thursday, October 1, 2015

Tags – Black Money India

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In my blog of 18th Sept , I had estimated BLACK MONEY disclosure of ( may be ) , Rs 40,000 crores , underUndisclosed Foreign Income and Assets Act - 2015That would have netted Government , Rs 24,000 Cr by way of tax / penaltyI was way off the mark !The 3 month opportunity window closed two days back , with a disclosure of Rs 3770 cr , by 638 persons , netting Govt Rs 2262 cr !Quite like , " Digging the Mountain to find the Mouse "Now , some knowledgeable persons / organizations have estimated that the amount of BLACK MONEY stashed away domestically , could be close to,Rs 25 Lakh*Crores !But then , man-on-the-street guesses that to be Rs 100 Lakh*Crores !Time and again , that common man have proved the pundits wrong !I suppose , the common man knew all along that half-hearted amnesty schemes are bound to fail , as in the pastBut pundits refuse to learn from their past mistakes !They refuse to recognize that nowhere in the World , any Government has succeeded at any time to legislate the GREED away !And fail to understand why NDA government is hesitating to harness the unlimited power of SUN - the almighty SUN OF GREED By :* Abolishing Personal Income Tax ( source of the DARKNESS of CORRUPTION )

* Stop asking any questions as to the " Source " for all cash deposits made into bank accounts opened under Jan Dhan Yojana

* Levy a Bank Transaction Tax ( BTT ) of 2 % to yield revenue of Rs 15 lakh*crores , which would be 5 times the loss of revenue due to abolition of Personal Income Tax

* Encourage deposits made into Jan Dhan bank accounts to be invested in SOLAR POWER SPV Farms , by direct depositing of income derived ( from sale of electricity to DISCOMs ) into those bank accounts - again free of Personal Income Tax ( setting in motion, a VIRTUOUS CIRCLE ! )